Death, Taxes, and AI
The Accounting Podcast
Emphasizing Practical Experience in Accounting Education
The chapter highlights the significance of integrating real-world skills such as using accounting software and conducting audits into accounting education, while critiquing the overemphasis on theory in accounting PhD programs. It also discusses the challenges in applying traditional accounting theory to subscription-based businesses and the importance of practical experience in mastering accounting concepts like journal entries and financial statements.
Today, Blake and David explore how artificial intelligence is reshaping accounting, discussing its potential to handle 70% of information-based tasks and impact workflows like data collection, reconciliation, and client services. They criticize the current theoretical approach to accounting education, advocating for more practical, hands-on learning experiences. They also dig into the ongoing 150-hour rule debate, examining recent state board initiatives for alternative CPA pathways and concerns about the accounting talent pipeline. Blake and David tackle the recent Evolve cybersecurity breach and its implications for fintech companies and move on to listener feedback and questions.
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Chapters
- (02:40) - Vacation Plans and Quiet Vacationing
- (07:45) - Generative AI in Accounting
- (10:37) - Challenges and Opportunities in AI Adoption
- (18:38) - CPA Firm Dynamics and Partner Retirement
- (28:58) - Survey Insights and Alternative Pathways to CPA
- (33:05) - Arkansaw State Board of Accountancy Pursuing Alternative Pathways to CPA
- (34:19) - Blake and David Look at the California CPA License Survey
- (37:29) - Addressing Concerns About CPA Mobility
- (38:10) - Survey Reflections and Critique
- (42:38) - Listener Mail: Nebraska's CPA Changes
- (43:55) - The Practicality of Accounting Education
- (01:00:38) - Evolve Bank Cyber Attack
- (01:06:35) - Closing Thoughts and 4th of July Message
Show Notes
Millennials call it ‘quiet vacationing,’ but it’s really remote work gone wrong—and it’s CEOs’ worst nightmare
https://fortune.com/2024/05/23/quiet-vacation-millennials-gen-z-harris-poll-remote-work
Death, Taxes, and AI: How Generative AI Will Change Accounting
https://a16z.com/generative-ai-in-accounting/
Tech lag named top risk for accountants in 2024 Intuit QuickBooks survey
https://quickbooks.intuit.com/r/news/accountant-tech-survey-results/
Finding Qualified Staff Is the Top Issue Facing Most CPA Firms In 2024
Help! A Partner Wants to Retire Early
https://cpatrendlines.com/2024/04/24/help-a-partner-wants-to-retire-really-early/
Arkansas State Board of Public Accountancy – Proposed Rule Changes
https://www.labor.arkansas.gov/licensing/state-board-of-public-accountancy/proposed-rule-changes/
California Board of Accountancy
California Board of Accountancy’s LinkedIn Post on CPA Next Survey
CPA Candidates Approved To Sit At 120 Hours Starting 1/1/2025
Evolve Hit With Fed Enforcement Action, But Why Did It Take This Long?
https://substack.com/home/post/p-145886596
Cybersecurity Incident
https://www.getevolved.com/about/news/cybersecurity-incident/
Yieldstreet says some of its customers were affected by the Evolve Bank data breach
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Get in Touch
Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
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